The Future: 7 Million Transactions a Second for Bitcoin?

CoinGeek announces it will partner with nChain, the blockchain research & development firm, on the Teranode project to create an enterprise-class full node implementation for Bitcoin (BCH-SV). nChain announced Teranode at the May 2018 CoinGeek conference in Hong Kong, and CoinGeek will now provide additional funding and business support for the project. Teranode takes the original Satoshi Vision to the next level. It will enable the true Bitcoin, now represented by BCH-SV (Bitcoin SV), to massively scale to terabyte (1 million megabyte) size blocks, 7 million transactions per second, and global enterprise usage.

CoinGeek and nChain believe terabyte-size blocks are viable and necessary for the Bitcoin BCH-SV blockchain to become the global public ledger of the future. A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second. The scale of a network with 1 TB blocks would be immense, and enable BCH to power not just monetary transactions but token, smart contract, enterprise application, and machine-to-machine data transactions of many types.

Teranode is the next evolution of Bitcoin SV, the new full node implementation for Bitcoin Cash (BCH). Bitcoin SV is currently competing with Bitcoin ABC in a miners hash vote to become the ruleset for BCH. Developed by nChain at CoinGeek Mining’s request and owned by the Antigua-based bComm Association, Bitcoin SV seeks to fulfil the original Satoshi Vision for Bitcoin. It will restore the original Bitcoin protocol, keep it stable and allow it to massively scale. This path is critical to give major enterprises confidence to build their projects on top of the Bitcoin BCH-SV blockchain. Having Teranode planned for the future is another reason why miners and businesses should now choose Bitcoin SV.

Teranode is unique because it will not be a monolithic ‘one size fits all’ implementation. Instead, the project separates four core functions into a modular microservices architecture approach – making a separate Business (RPC) Layer, Network (P2P) Layer, Process Layer and Storage Layer. This microservices architecture allows a business to customize for its needs, and provides several advantages:

Each component may have multiple implementations that can be easily swapped out for a particular company and its industry needs.

Components can be written using different computing languages, tools and hardware that are best suited to their particular purpose, rather than having to make a single choice for the entire node.

It enables massive on-chain scaling capability. A network aware interface like zeroMQ means components can, but do not necessarily need to run on the same machines. As scaling requirements grow, the components can be further broken down and clusterized to match any foreseeable load requirement.

In addition, the Teranode project will seek to solve a technical issue that arises with a massively scaled Bitcoin network with TB size blocks: how to optimize the unspent transaction output (UTXO) database maintained by nodes to prevent double-spending of Bitcoins. Determining the correct amount of coins associated with each output is an essential set in the validation of a new block. With massive transaction volume possible in 1TB blocks, the UTXO database would also grow immensely. Teranode will seek to deliver a microservice API and software implementations that can support the throughput required for gigabyte (1000 MB) and then TB size blocks.

nChain’s Director of Solutions & Engineering Steve Shadders comments:

“Teranode is my baby. The first prototypical iteration of Teranode was just born after the November 15 hard fork of BCH. As we are watching Bitcoin SV in real-life action, we are studying performance hurdles and building new solutions for the enterprise-class Teranode. It’s time for Bitcoin to grow up and professionalize. We appreciate CoinGeek’s support in that journey make Bitcoin useable for the world’s major enterprises.”

CoinGeek founder Calvin Ayre adds:

“I was thrilled to see Bitcoin SV recently mine the world’s first 64 MB block on Bitcoin, and I know we can achieve even bigger blocks. As a mining group, CoinGeek wants to see massive on-chain scaling to unleash the blockchain’s true power and so miners can earn more transaction fees. We believe Teranode provides that path to fulfil the true Satoshi Vision, which is now represented by Bitcoin BCH-SV.”

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